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two weeks ago, detroit filed for chapter 9 protection citing debts of at least $18 billion. >>> shares of athlon energy jumping nearly 35% on the company's new york city debut. pricing its initial offering at 20 buck as share. >>> factory orders rising to a record high in june boosted by strong demand in airplanes, machinery and autos. mark the second month that autos have been at an all-time high. that is the latest from the fox business network, giving you the power to prosper. lori: jurassic profits. that is what bidders will be going for in this fall with a rare set of dinosaur bones hits the auction block. paleontologist is the consulting director of a natural history department and the man behind this auction. we literally yanked him off his latest dinosaur bone dig. we're so supposed to welcome him here to help us explain the value of these fossils. how they determine the value and really what the dinosaur bone market and industry is like these days. sir, welcome to you. this going up for auction is called the montana dueling dinosaurs piece an bonham's puts the value, expected
two weeks ago, detroit filed for chapter 9 protection citing debts of at least $18 billion. >>> shares of athlon energy jumping nearly 35% on the company's new york city debut. pricing its initial offering at 20 buck as share. >>> factory orders rising to a record high in june boosted by strong demand in airplanes, machinery and autos. mark the second month that autos have been at an all-time high. that is the latest from the fox business network, giving you the power to...
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is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise property taxes 50% to 100%. lori: who is going to vote for that? >> the illinois constitution says you have to pay the pensions so here you have the immovable object and irresistible force. >> any other sources? >> no matter where the money comes from is coming from taxpayers, not the state of illinois. they are a fiscal mess. they don't have enough money to put in their pension system. they have been borrowing billions every year and i can't think of another state with a fiscal problem that the level they do so is not from illinois. lori: is in a domino situation? we watched detroit and now chicago, woul
is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise...
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Aug 16, 2013
08/13
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there's one thing he says is keeping this country from becoming like detroit. what is the? we will tell you. connell: before we get to that, here are some of their winners today in the market on the s&p 500. ♪ connell: at the half hour, here is what we still have coming up for you. wayne rogers is here. we will get to wayne. then we take you behind the scenes on casting on hbo. then we take you to the country's premier auto auction. a ferrari backend apparently fetch close to $7 million. cheryl: it is for an auger before me. connell: i do not think i needed that comparison. dagen: yes, i am into cars. nicole: that is all they needed. this one is pertaining to the nsa leaker who is over there a broad. snowed and worked from 2009 until earlier this year. they are not talking about this. in the meantime, we have karl icahn in court. the story is so intertwined. dagen: detroit's fiscal crisis. it is just the beginning. potentially facing similar circumstances. there is one difference between us and the city. what is it? connell: wayne rogers is here to tell us, i hope. >> the
there's one thing he says is keeping this country from becoming like detroit. what is the? we will tell you. connell: before we get to that, here are some of their winners today in the market on the s&p 500. ♪ connell: at the half hour, here is what we still have coming up for you. wayne rogers is here. we will get to wayne. then we take you behind the scenes on casting on hbo. then we take you to the country's premier auto auction. a ferrari backend apparently fetch close to $7 million....
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they have not voted yet i don't think this will change because they can see what is happening detroit has just gone bankrupt and relied on gm and chrysler and ford they do not want to go the way of detroit to one of the pensions will be smaller you know, you'll end up with less at the end of the day. >> with the individual company you can change it if you change jobs in ticket with you that is the advantage. if you want to move to a better job you can without investing in your pension. tracy: give them props for trying. i don't know what they're thinking. [laughter] great to be with you. ashley: they go to the south because the state's give tax advantages nissan moved to just south of nashville for that reason so it makes sense. amazon moving into a new business rolling out where people can buy a fine art from people and galleries nearly 40,000 works by 5,000 artist but the well-known names are bringing in the big bucks the most expensive item norman rockwell going after four-point a million dollars. it's still works even with him in the war hall -- andy warhol. >> you would think you
they have not voted yet i don't think this will change because they can see what is happening detroit has just gone bankrupt and relied on gm and chrysler and ford they do not want to go the way of detroit to one of the pensions will be smaller you know, you'll end up with less at the end of the day. >> with the individual company you can change it if you change jobs in ticket with you that is the advantage. if you want to move to a better job you can without investing in your pension....
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Aug 19, 2013
08/13
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they are saying is detroit really bankrupt? >> there are a lot of people who will take issue with what detroit is trying to do. it is important to remember before they got here. they are responsible for their own on doing. until a couple years ago, if you are a public safety official in detroit, you could retire at 55 with 80% of your salary and health care. this is the day of reckoning. it is important that this be done right. this is the first city that is trying. dagen: that raises the issue. so many others have been thrown up their. those cities would not act, with day, jason, until it is clear that detroit can do this. >> that is why it is so important here. they are saying that this violates the constitution. you cannot reduce benefits for retirees. that violates the state constitution. what some of us are hoping is these contracts can be renegotiated. if they get away with protecting retiree benefits through this chapter nine filing, what you will see is other cities using chapter nine. we do not want it to happen. that
they are saying is detroit really bankrupt? >> there are a lot of people who will take issue with what detroit is trying to do. it is important to remember before they got here. they are responsible for their own on doing. until a couple years ago, if you are a public safety official in detroit, you could retire at 55 with 80% of your salary and health care. this is the day of reckoning. it is important that this be done right. this is the first city that is trying. dagen: that raises the...
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Aug 15, 2013
08/13
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new york citnew york city to bee fate as detroit. dealing with the pension and health care cost that has mayor bloomberg calling the risk of a bankruptcy a real concern. connell: david lee miller joins us. >> consider this, detroit is the largest u.s. city to ever declare bankruptcy. up to $18 billion. a little more than three months time. they will elect a new mayor, just days ago mayor bloomberg had his words reverberated around new york. >> bloomberg says pension and health care cost contributing to the financial ruins threaten the economic stability. most new york city employees and retirees pay nothing for $6.3 billion in annual health insurance. workers pay little for pension that have taxpayers on the hook for $8 billion this year. spiegel in your city has 10,000 police officers retired were for under 40 and clayton pensions and they will collect the pensions for the rest of their lives. >> expired at least three years ago, the next mayor will be under pressure to win concessions. >> the unions have tried to wait it out. putti
new york citnew york city to bee fate as detroit. dealing with the pension and health care cost that has mayor bloomberg calling the risk of a bankruptcy a real concern. connell: david lee miller joins us. >> consider this, detroit is the largest u.s. city to ever declare bankruptcy. up to $18 billion. a little more than three months time. they will elect a new mayor, just days ago mayor bloomberg had his words reverberated around new york. >> bloomberg says pension and health care...
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Aug 12, 2013
08/13
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ashley: detroit to beijing, two thundershowers flat. new technology could make the world much smaller. we're life in a fox business exclusive. like l.a. to new york in 40 minutes. >>> breaking news on the monthly budget deficit. let's get straight to it and go to peter barnes in washington. peter? >> hey, ashley, deficit was $90 billion in july. 40% increase from the $70 billion deficit reported in july of 2012, but, for the fiscal year-to-date, the deficit is actually down by about that amount. it clocked in for the first 10 months of the fiscal year-ending july at $607 billion. that compares to $974 billion for the deficit for the same period last year. and, of course, this improvement in the deficit, is due to those higher tax increases that kicked in january 1st. higher payroll taxes as well as higher taxes on the wealthier earners. and lower spending here in washington caused by those sequester spending cuts. we have two more months left in the fiscal year and two more months in that fight before the next round of, the next round i
ashley: detroit to beijing, two thundershowers flat. new technology could make the world much smaller. we're life in a fox business exclusive. like l.a. to new york in 40 minutes. >>> breaking news on the monthly budget deficit. let's get straight to it and go to peter barnes in washington. peter? >> hey, ashley, deficit was $90 billion in july. 40% increase from the $70 billion deficit reported in july of 2012, but, for the fiscal year-to-date, the deficit is actually down by...
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dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car costss$28,000. that is good but if people are stuck in loans that are so long that the car's worth less than they owe that is a problem. dagen: one last thing. how do people in default if the elected a bankruptcy filing? talking about how great car sales are but how are the folks doing? >> it is a mixed picture. there is nervousness, there is a feeling that a lot of this had to happen, it was inevitable and the future is better but how we get from here to the future is an uncharted road. dagen: thanks for being here, you're welcome back anytime, taught cars all
dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car...
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Aug 20, 2013
08/13
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let the battle begin in detroit. unions are challenging the motor city's bankruptcy filing and cash-strapped cities around the country you can bet are paying close attention. that's next. nicole: we have to check currencies. here is how the u.s. dollar is moving at the moment. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pai it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immedi
let the battle begin in detroit. unions are challenging the motor city's bankruptcy filing and cash-strapped cities around the country you can bet are paying close attention. that's next. nicole: we have to check currencies. here is how the u.s. dollar is moving at the moment. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less...
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detroit, one city. unbelievable. lars the inflection of the fact that they cannot manage their money, but also the they have these very expensive labor contracts. city council has basically stood in the way of any kind of solution that could come. the governor saying it is a financial emergency get -- just as the north sake. they may appoint a special manager to come in and take over. now, you should know, the city council is still opposing that. and they may. so there are loggerheads. nothing is getting done. let me show you a picture. he is on the right side. he has people that he wants to suggest to be the financial manager. but the reason cities that have declared bankruptcy, there are many. most labor issues. but detroit has even more going on. a history of corruption in that city. you know, the kilpatrick, facing a public corruption trial. a lot going on, and if they do get this emergency situation put in place they can renew the labor contracts revised and approved budgets, sought city assets. last night on ou
detroit, one city. unbelievable. lars the inflection of the fact that they cannot manage their money, but also the they have these very expensive labor contracts. city council has basically stood in the way of any kind of solution that could come. the governor saying it is a financial emergency get -- just as the north sake. they may appoint a special manager to come in and take over. now, you should know, the city council is still opposing that. and they may. so there are loggerheads. nothing...
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Jul 29, 2013
07/13
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one of the laws that detroit has to obey is obamacare. it requires a certain minimum level of healthcare provided to its employees. even bankruptcy, i would argue, i will tell you why in a moment, is not the route out of obamacare for detroit. the statute is silent on the municipalities. this is new territory for this federal judge. michigan's republican the letter, snyder, rejected the exchanges. the feds are required to come in and operate. tracy: federal taxpayers. the state cannot tax anymore. there are no residents to tax. >> you are talking about the city now. michigan is not running that exchange. tracy: who are these taxpayers? >> us. the people who are watching. the supreme court said this is optional. you cannot tell the states how to spend their own money. the feds are paying for it. basically, we are paying for it. this is a real, liberal, democratic constituency in this community now saying we do not want to live by and under a statute that five years ago we were championing. stockton will try to do the same thing. the bankru
one of the laws that detroit has to obey is obamacare. it requires a certain minimum level of healthcare provided to its employees. even bankruptcy, i would argue, i will tell you why in a moment, is not the route out of obamacare for detroit. the statute is silent on the municipalities. this is new territory for this federal judge. michigan's republican the letter, snyder, rejected the exchanges. the feds are required to come in and operate. tracy: federal taxpayers. the state cannot tax...
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Aug 19, 2013
08/13
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. >> most investors in the market viewed detroit as a 1-off. very unique circumstances. to your point there will be a likely protracted debate or legal battle about what they have to pay back the law will end up happening see the general obligation bondholders. at think if you look at the market more generally that news has weighed on the market along with higher interest rates. they have not done very well of recent fight. they may be challenged over the next couple of weeks due to seasonal. september is never a good month historically. coming out of that we feel like investors will come back. it is a place where you can still get yield. you generally have high quality investment. it still plays a very strong role in the muslim portfolio. ashley: an investor who is looking for yield that does not want that exposed to much risks to the increasing interest rates, what is my best ploy? >> it depends upon how you think about fixed-income in your portfolio. we have a lot of investors who have felt traditional, cork, fixed-income portfolios and thin
. >> most investors in the market viewed detroit as a 1-off. very unique circumstances. to your point there will be a likely protracted debate or legal battle about what they have to pay back the law will end up happening see the general obligation bondholders. at think if you look at the market more generally that news has weighed on the market along with higher interest rates. they have not done very well of recent fight. they may be challenged over the next couple of weeks due to...
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chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry city, not like detroit with a single industry that drives the town, but here's how they are the same. pensions, it comes down to pensions. municipal pensions. chicago has four pension funds, short about $20 billion. they got a budget deficit of about three-quarters of a million dollars. moody's downgrade the the city, and it's not going to get better as time goes on. in 2015, a new state law requires even more to be put into the pension funds, and that could cause property tax increase of maybe a hundred to 150%. a
chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry...
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. >> they're committed to seeing detroit do better. we'll talk about that we'll talk about the housing market. what is the future of loans right now. ashley: yay. >> where are we going with that. ashley: very good. tracy: good stuff. >> it will be a lot of fun. tracy: don't miss "the willis report" tonight 6:00 and 9:00 p.m. eastern right here on fox business. ashley: president obama set to give a news conference in about half an hour. he doesn't do these very often in front of the press corps. there is a lot to talk about before he goes on vacation from terror to immigration reform and oh, yeah, the debt ceiling. chief political correspondent byron york will be us to talk about the interview. tracy: as we go out to break look at winners and losers on the nasdaq. we'll be right back. if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spirivis a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. y
. >> they're committed to seeing detroit do better. we'll talk about that we'll talk about the housing market. what is the future of loans right now. ashley: yay. >> where are we going with that. ashley: very good. tracy: good stuff. >> it will be a lot of fun. tracy: don't miss "the willis report" tonight 6:00 and 9:00 p.m. eastern right here on fox business. ashley: president obama set to give a news conference in about half an hour. he doesn't do these very often...
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Jul 23, 2013
07/13
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dagen: i feel sorry for the people of detroit. more sorry for them and the people that make it their pensions cut a little bit. >> i agree. dagen: good to see you. bob bassi. >> thank you. connell: if you use your phone too much, you can hurt yourself. that is because there is this study out revealing more people, and some young people, too, are suffering with cervical disc herniation. those are going up by about 8.1% since 2007. cofounder of twitter has some billion-dollar advice for mark zuckerberg. he suggested that facebook offer a premium addition that would allow users to pay $10 a month and get rid of the ads. it would be big money for facebook. if 10% of users were to sign up, it would bring in an additional billion dollars of revenue for facebook. the slow economy forcing parents to cut back on helping their college student pay for school. student loan provider sallie mae reporting it is down 30% from three years ago. dagen: it makes the kids go to cheaper schools, that is not necessarily a bad thing. dagen: investors cas
dagen: i feel sorry for the people of detroit. more sorry for them and the people that make it their pensions cut a little bit. >> i agree. dagen: good to see you. bob bassi. >> thank you. connell: if you use your phone too much, you can hurt yourself. that is because there is this study out revealing more people, and some young people, too, are suffering with cervical disc herniation. those are going up by about 8.1% since 2007. cofounder of twitter has some billion-dollar advice...
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Jul 29, 2013
07/13
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detroit scrambling to cut costs. the plant could push some retirees off the city's health care plan. is it taking cost-cutting a little too far? dennis: does steve cohen have the right to party? charlie gasparino has the latest. ♪ announcer: where can an investor be a name and not a number? scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scorade- proud to be ranked "best overall ient experience." ♪ ♪ ♪ [ male announcer ] if y can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. but hurry, fers end july 31st. adam: i and adam shapiro. lori: good afternoon. i am lori rothman. we will check under the hood of a giant ad merger. it would put coke and
detroit scrambling to cut costs. the plant could push some retirees off the city's health care plan. is it taking cost-cutting a little too far? dennis: does steve cohen have the right to party? charlie gasparino has the latest. ♪ announcer: where can an investor be a name and not a number? scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i...
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Aug 13, 2013
08/13
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in detroit, a judge has the states bankruptcy case. 18 billion liabilities. the national federation says optimism is out. 94.1. that is up six times of one point. more people are paying their credit card bills on time. that is the latest from the fox business network. giving you the power to prosper. ♪ dagen: international speedway corporation breaking ground last month on a renovation of flagship. they are trying to boost attendance. i finally get to interview you, lisa. why do this now? >> $8.2 billion tv deal. a lot to do and choices to make. we will make a better experience for them. dagen: attendance has been a struggle. ratings have somewhat stabilized. this deal was quite easy to put together. we have rebounded. our attendance is rebounding. it will appeal to a younger group. dagen: the seats will be wider. there will be more restrooms. >> we will have a lot more opportunities for sponsorship. there will be revenue coming in from the sponsorship side. dagen: there are 11 other tracks. at which of those tracks will you also be reducing capacity? >> we
in detroit, a judge has the states bankruptcy case. 18 billion liabilities. the national federation says optimism is out. 94.1. that is up six times of one point. more people are paying their credit card bills on time. that is the latest from the fox business network. giving you the power to prosper. ♪ dagen: international speedway corporation breaking ground last month on a renovation of flagship. they are trying to boost attendance. i finally get to interview you, lisa. why do this now?...
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Oct 10, 2013
10/13
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dime, there would have been short term pain in detroit but they wouldn't be bankrupt today and i am not predicting bankruptcy for the u.s. in the next five, 15 years but if we keep going down this road we all know where it goes. connell: my point if you are in the denier can't you don't deny that there are consequences associated with this? >> absolutely but there are consequences of not doing it too. we are told if we don't stop global warming york city will be under water. that to me as almost holding people hostage. if you don't do something everybody will be under water. dagen: if we pay the interest on the debt we don't pay some of our bills as a nation you don't really know what the financial, you know what the market impact will be. if i don't pay my bills like credit score severs. >> trillion dollar deficit every year as far as the eye can see. actually we do know we end up like greece and italy and spain and cyprus and the troy. dagen: not as long as you have ben bernanke or janet yellen running the federal reserve. >> the new end up like zimbabwe or argentina or venezuela
dime, there would have been short term pain in detroit but they wouldn't be bankrupt today and i am not predicting bankruptcy for the u.s. in the next five, 15 years but if we keep going down this road we all know where it goes. connell: my point if you are in the denier can't you don't deny that there are consequences associated with this? >> absolutely but there are consequences of not doing it too. we are told if we don't stop global warming york city will be under water. that to me as...
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ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male announcer ] how do you get your bounce? [ woman ] can't regret fresh. tracy: that time of day charles payne looking a oil in new guinea? >> papua, new guinea. this one is a little bit tough. everyone loves the oil and gas story, particularly natural gas. we love it. tracy: yeah. >> we understand it. papua, new guinea? tracy: a fair amount of people would have to leak on a map to figure out where new guinea is. ashley: to start. >> from a political point of view they have had issues. late last year they put the former prime minister on the board
ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male...
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Feb 21, 2013
02/13
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ashley: detroit in an uproar. after a state appointed review team determined that detroit is in a financial emergency. is this the only way to save the motor city? that is certainly what my next guest believes. state senator rick jones is joining me now. senator jones, thank you. what can an emergency manager do to turn things around and at least help detroit avoid bankruptcy and why does the mayor and city council oppose having a sit manager? >> i have nothing but respect for detroit mayor bing, but however the city council is obstructive. i think they're part of the reason the city is in so much trouble. but they have currently almost 15 billion, billion with a b, in unfunded liability. about half of that in pensions. they simply don't have the money coming in to take care of this problem. they have done all the gimmicks, the one-time fixes. they borrowed money to make payments. it has to stop. they're in deep trouble. i believe an emergency manager has a chance of turning the city around. he is going to have to
ashley: detroit in an uproar. after a state appointed review team determined that detroit is in a financial emergency. is this the only way to save the motor city? that is certainly what my next guest believes. state senator rick jones is joining me now. senator jones, thank you. what can an emergency manager do to turn things around and at least help detroit avoid bankruptcy and why does the mayor and city council oppose having a sit manager? >> i have nothing but respect for detroit...
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Sep 27, 2013
09/13
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tracy: bankrupt detroit sticking out its hands to washington. your tax dollars funding a new $440 million aid package. that won't come close to wiping out the motor city's $18 billion in debt which is crazy. and nicole petallides, what is going on? we are down 57 points. >> seeing pressure on the markets, the dow index in the opposition here to show a down week on wall street, first of four, the nasdaq squeezing out a gain, and people keeping the close eye on washington in particular, the debt ceiling, government shutdown and the like continues to pressure wall street and putting an economic numbers like personal spending and income which are in line, consumer sentiment is something we kept an eye on. it is doing well today, hit a new all-time high. and better than expected numbers, basketball, deer in particular, running gear, stock is 5%. tracy: the dow is not as bad as it could be. adam: see you in 15 minutes. fannie and freddie and the federal housing administration, billion dollar bailout from the u.s. treasury. the bailout, the first in th
tracy: bankrupt detroit sticking out its hands to washington. your tax dollars funding a new $440 million aid package. that won't come close to wiping out the motor city's $18 billion in debt which is crazy. and nicole petallides, what is going on? we are down 57 points. >> seeing pressure on the markets, the dow index in the opposition here to show a down week on wall street, first of four, the nasdaq squeezing out a gain, and people keeping the close eye on washington in particular, the...
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Jul 30, 2013
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here is interesting factoid, adam, detroit almost has the same appreciation rate at san francisco. adam: they start at much lower base in detroit. >> the base is like think, you've got, one starts at a dollar. the other starts at 10 cents. no joke, housing prices in detroit are essentially depressed so horribly they have only up to go, right? >> absolutely. that is not always true but generally they have only up to go. adam: anthony sanders, thank you so much for joining us. >> thanks, adam. adam: hey, more shots at herbalife. billionaire hedge fund manager bill ackman questioning the company's earnings and its auditor. is ackman off his game? charlie gasparino is here next. lori: forget a four-digit password. the new buzz about apple's potential new way to unlock your iphone also ahead. ♪ >> i'm melissa francis with your fox business brief. hess is selling its energy marketing unit to direct energy for roughly a billion dollars. the deal is part of hess's plan to focus on its exploration and production activities. direct energy is the north american subsidiary of centrica. >>> n
here is interesting factoid, adam, detroit almost has the same appreciation rate at san francisco. adam: they start at much lower base in detroit. >> the base is like think, you've got, one starts at a dollar. the other starts at 10 cents. no joke, housing prices in detroit are essentially depressed so horribly they have only up to go, right? >> absolutely. that is not always true but generally they have only up to go. adam: anthony sanders, thank you so much for joining us....
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classes particularly with municipal bondsswith the ruling this past week from the judge coming out of detroit that put space it with pensions on the same line as other contractors, is that great bottom into you, great news from visible bonds potentially? >> i think it is. there are a lot of and local governments who have problems. they would use a bankruptcy process basically to nail the bondholders and keep the pension holders intact, and the judge in the case made it very clear he feels he has the right under the u.s. bankruptcy code to impair those pensions just like any other type of contract even if the state constitution in michigan says they cannot be paired. dagen: even with particularly your client base if you are with rising taxes, which looks like a certainty. >> to be honest with you, dagen, there are tax exempt invisible bonds that are out there that are investment-grade single-a rated that are yielding higher taxable junk bonds. the valuation on municcpal's are too cheap. i have been reallocating a significant portion of my cash to municipals because we have a lot of upside boom
classes particularly with municipal bondsswith the ruling this past week from the judge coming out of detroit that put space it with pensions on the same line as other contractors, is that great bottom into you, great news from visible bonds potentially? >> i think it is. there are a lot of and local governments who have problems. they would use a bankruptcy process basically to nail the bondholders and keep the pension holders intact, and the judge in the case made it very clear he feels...
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Jul 30, 2013
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he will turn america into a detroit. what would karl marx do? cheryl: taxing corporate profits no matter where they are. first, a preview with top white house economic representative. dennis: george mason university anthony sanders on whether another housing bubble is inflating. adam and lori are next. ♪ a quarter million tweeters musicare tweeting.eamed. and 900 million dollars are changing hands online. that's why the internet needs a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this ...is going to be big. it's time to build a better terprise. together. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...office space. yes, we're loving this communal seating. it's great. [ ma announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket of data for everyone on the plan, unlimited talk and text on smart phones. now, everyone's in the
he will turn america into a detroit. what would karl marx do? cheryl: taxing corporate profits no matter where they are. first, a preview with top white house economic representative. dennis: george mason university anthony sanders on whether another housing bubble is inflating. adam and lori are next. ♪ a quarter million tweeters musicare tweeting.eamed. and 900 million dollars are changing hands online. that's why the internet needs a new kind of server. one that's 80% smaller. uses 89%...
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Jul 26, 2013
07/13
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imagine if they had done something like that in detroit. what about pensions. unions, 40% of government employees, keep cycling and reelect you and spend one billion dollars and you guys give more money to pensions. where are you on pension liability? >> we have some pension liability but in the employee retirement system, this session, they voted in for the employees to put in more, the state to put in more, and at two years extract and i like confident about the statewide pensions. where i had concerns, we got a bill written. and pitching transparency self what other revenue projections, what do you actually produce and will be helpful. dennis: when he running for governor? >> and press. dennis: governor run is in your future. a good, positive, state economic story. jim fresh link exxon rob morgan and the fight for stock-picking supremacy. ashley: i am ashley webster, apple shares at the global smart phone market fell during the second quarter to woods lowest level in three years according to strategy analytic the tech giant second place ranking dropped to 14
imagine if they had done something like that in detroit. what about pensions. unions, 40% of government employees, keep cycling and reelect you and spend one billion dollars and you guys give more money to pensions. where are you on pension liability? >> we have some pension liability but in the employee retirement system, this session, they voted in for the employees to put in more, the state to put in more, and at two years extract and i like confident about the statewide pensions....
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Jul 31, 2013
07/13
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whether it is related to china or whether it is detroit that has come up recently and everything else. as we recover, and jobs come back and looking at other sectors and in the green there, except for manufacturing which is down by 5,000, can we have a strong job market on a relative basis without some strength in manufacturing? >> well i think we can but if you look overall at the payroll report, we have increased manufacturing jobs fairly significantly since the bottom of the recession. now you have to remember that part of what's going on in manufacturing is tremendous growth in productivity. if you look over the last 40 or 50 years as we have lost jobs in manufacturing, the output of manufacturing in the u.s. has been tremendous. we are still essentially tied with china as the two largest manufacturing countries in the world. so our manufacturing output is very large but the productivity growth has been the real story. as china's competitiveness declines, this wage growth increases and its currency has strengthened over the last couple of years, it is losing its competitiveness an
whether it is related to china or whether it is detroit that has come up recently and everything else. as we recover, and jobs come back and looking at other sectors and in the green there, except for manufacturing which is down by 5,000, can we have a strong job market on a relative basis without some strength in manufacturing? >> well i think we can but if you look overall at the payroll report, we have increased manufacturing jobs fairly significantly since the bottom of the recession....
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Dec 16, 2013
12/13
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in detroit the judge is allowing appeal of the city's bankruptcy to get straight to a higher court. union, pension funds and retiree groups are fighting the judge's decision allowing the try to cut pensions as part of the city's chapter nine bankruptcy. the fda is proposing tighter rules on antibacterial liquid soaps. the agency founders, absolutely no evidence of the german killing hands of somebody losses are more effective than regular soap and water and preventing are let -- ls or infection. the fda also says that chemicals in the liquid soaps could interfere with normal levels. an alcoa announcing a $110 million long-term deal with airbus to supply the playmaker with aluminum and titanium. it will come from alcoa's cleveland facility. that is the latest from the fox business network, giving you the power to prosper. ♪ cheryl: time now for the fox business. vice-president of equities with me now. all right. u.s.a. a favorite stock for the year is and has been duly and sciences bringing up the stock chart now. last year showing viewers are company. what you like this nine beast
in detroit the judge is allowing appeal of the city's bankruptcy to get straight to a higher court. union, pension funds and retiree groups are fighting the judge's decision allowing the try to cut pensions as part of the city's chapter nine bankruptcy. the fda is proposing tighter rules on antibacterial liquid soaps. the agency founders, absolutely no evidence of the german killing hands of somebody losses are more effective than regular soap and water and preventing are let -- ls or...
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puerto ricans that ended seems the politicians in washington are doing the same thing for happened in detroit. we keep pushing problems away, keep spending and ultimately a reckoning. dennis: you talk about you have been trying to get your clients, bonds in their portfolio because you don't like the outlook, what are you replacing the income producing piece of paper with? >> absolutely, good question. bonds are not carrying the same characteristics they once had, giving you a good income and safety we found out after this summer, a lot of people with sticker shock with regards to fixed-income portfolio. we are looking at alternatives and the equity market is there and there are mold schools and capabilities to hedge those equity bets and be able to generate a higher level of income than you can receive from the bond market and even a higher level of market safety as well. dennis: i have been predicting we close at 16,000 before the recent shutdown turmoil, we're at 14-8. will we finish at 16,000? make a prediction? >> i hesitate to do that because anything can happen between then and now. i m
puerto ricans that ended seems the politicians in washington are doing the same thing for happened in detroit. we keep pushing problems away, keep spending and ultimately a reckoning. dennis: you talk about you have been trying to get your clients, bonds in their portfolio because you don't like the outlook, what are you replacing the income producing piece of paper with? >> absolutely, good question. bonds are not carrying the same characteristics they once had, giving you a good income...
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i think they will be highlighted at the detroit awe toe show. in addition, gm has now a broader spectrum of more profitable small vehicles to help them in a procht standpoint. adam: a friend thinks the spark is the greatest thing on four wheels. ford was the first, had trouble as late with the escape fires as well as the new fusion. will they get over that in the new year? >> that -- just avoid the headlines. any time there's a product, most vehicles go through some sort of an issue, and it's a small percentage. ford in grate shape in the small vehicle side of the business. there's a lot of new product, and across the global small car platforms with the fusion, foe cause, and escape, strong product throughout the lineup, and ford is profitable in all regions with small vehicles, north america, europe, south america, asia, they are on a global scale with anybody else in the global vehicle market. the japanese, based manufacturers, koreans, or europeans. ford, from a product standpoint, in very good shape. adam: mike ward, thank you very much. >>
i think they will be highlighted at the detroit awe toe show. in addition, gm has now a broader spectrum of more profitable small vehicles to help them in a procht standpoint. adam: a friend thinks the spark is the greatest thing on four wheels. ford was the first, had trouble as late with the escape fires as well as the new fusion. will they get over that in the new year? >> that -- just avoid the headlines. any time there's a product, most vehicles go through some sort of an issue, and...
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Nov 26, 2013
11/13
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decision day in detroit is just a week away. judge steven rhodes will announce his opinion on the city's bankruptcy eligibility at a hearing next tuesday. now, this hearing is raising eyebrows because it's unusual for a judge to discuss a ruling verbally before issuing the written opinion. a lot of people believed a written decision would actually come down without warning. also in detroit warren buffett and goldman sachs' ceo lloyd blankfein are teaming up an an event earlier today. they announced the city is being added to goldman's 10,000 small businesses initiative. buffett said he'd be open to investing in detroit saying he's always looking for businesses to buy. >>> samsung is fighting back against phone theft. the tech giant wants to preload its devices, all of its devices, with absolute low jack, a kill switch that would make lost or stolen phones inoperable. but wireless carriers are saying, no way. john livingston is the ceo of absolute software, and he joins us now to discuss this. and samsung actually preloads it on
decision day in detroit is just a week away. judge steven rhodes will announce his opinion on the city's bankruptcy eligibility at a hearing next tuesday. now, this hearing is raising eyebrows because it's unusual for a judge to discuss a ruling verbally before issuing the written opinion. a lot of people believed a written decision would actually come down without warning. also in detroit warren buffett and goldman sachs' ceo lloyd blankfein are teaming up an an event earlier today. they...
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Jan 31, 2013
01/13
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crash on southbound i-75 in detroit. whiteout conditions being blamed for the chain-reaction accidents. >>> president obama's defense secretary nominee, former senator chuck hagel, facing some pretty tough questioning and defending his views before the senate armed services committee. hagel is urging some gop senators not to write him off based on earlier comments he made on iran, iraq an israel. >>> the whos stage standoff in a rural alabama town is ongoing this hour. negotiators are talking to the suspect through a four inch ventilation pipe from the underground bunker. the suspect a retired truck driver, kept a five-year boy hostage there since abducting him off a school bus on tuesday after shooting and killing the bus driver. those are the headlines. i'm gregg jarrett. back to ashley. ashley: gregg jarrett with fox, thanks very much, gregg, appreciate it. without daily protests the eurozone is driftings off the front page but doesn't mean the region's economic situation has gotten any better and my next guest says i
crash on southbound i-75 in detroit. whiteout conditions being blamed for the chain-reaction accidents. >>> president obama's defense secretary nominee, former senator chuck hagel, facing some pretty tough questioning and defending his views before the senate armed services committee. hagel is urging some gop senators not to write him off based on earlier comments he made on iran, iraq an israel. >>> the whos stage standoff in a rural alabama town is ongoing this hour....
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Aug 26, 2013
08/13
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municipal bonds are cheap compared to treasurys although there are too much price into them with the detroit bankruptcy although that is a unique event but on the heaviside before the holiday week but on average we're looking at 6 billion a of think it is that far out. lori: any other fixed-income tools we should look at? >> we have been encouraging customers to look at one market that i mentioned before is the fluting note rates issued by corporations and start with a fixed-rate but then five years convert to the floating rate but the benefit is the risk of the 5 yards -- five-year bond defensed does start to hike down the road. lori: i do remember that discussion. thank you. breaking news will closing down $0.5,105.92 a barrel. so with the decline in oil prices that is it today decline for the price of crude. donald trump is being sued $40 million for full profits of trump university for deceiving customers at every stage. his legal team has responded in rehab the details. >> they said the new york attorney general allegedly tried to settle the case but at just $5 million was pushing to se
municipal bonds are cheap compared to treasurys although there are too much price into them with the detroit bankruptcy although that is a unique event but on the heaviside before the holiday week but on average we're looking at 6 billion a of think it is that far out. lori: any other fixed-income tools we should look at? >> we have been encouraging customers to look at one market that i mentioned before is the fluting note rates issued by corporations and start with a fixed-rate but then...
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Feb 22, 2013
02/13
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detroit will have to cut spending or raise revenue by $15 million over the next two months. two months we are talking about. ashley: the mayor and the city council do not want an emergency manager either. someone has to come in and clean it up. as we do every 15 minutes, let's check the markets. nicole petallides on the floor of the new york stock exchange. nicole: we see a dow that is up over 100 points. 103 points. we have a couple of names in the health sector that are worth taking a look at. the shares are thriving here. you are seeing regulators rejecting an obesity drug over in europe. this drug is actually okay here in the united states of america. we are seeing the stock down 4.1%. something that we will continue to watch here for this one. it was launched in september. web m.d. revenue topped the analyst estimates. up 26%. back to you. ashley: thank you. let's than a week to go before a massive across the board budget cut. washington is not just crying wolf. the sequester may not be so bad after all. ashley: they need to get the dreamliner airborne again. we will ha
detroit will have to cut spending or raise revenue by $15 million over the next two months. two months we are talking about. ashley: the mayor and the city council do not want an emergency manager either. someone has to come in and clean it up. as we do every 15 minutes, let's check the markets. nicole petallides on the floor of the new york stock exchange. nicole: we see a dow that is up over 100 points. 103 points. we have a couple of names in the health sector that are worth taking a look...
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Oct 14, 2013
10/13
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tied at one game a pieceewith detroit. this is a great stat for our business audience. the lowest point, the probability of both teams, red sox and patriots coming back to win those respective names is 0.2% probability. they both wondered that is pretty cool. say goodbye to wayne rogers. they were right to go for it on so forth down. that is my sports commentary. that has been all over the place. he was playing the odds. coaches should go for more on for around, but they don't. anyway, they won. you do not care. more devastation on the cattle market. this storm, it seemed like nobody reported on this storm last week. cattle casualties are running close to the six digit mark. this town that facebook is building for its employees, and incredible lifestyle if you worked for facebook. netflix and cable operators. they are usually at odds with each other. they could be working on a deal. we will talk about it with dennis knnale coming up on markets now. ♪ stick with innovation. stick with power. stick with technology. get the flexcare planum. new from philips sonicare. con
tied at one game a pieceewith detroit. this is a great stat for our business audience. the lowest point, the probability of both teams, red sox and patriots coming back to win those respective names is 0.2% probability. they both wondered that is pretty cool. say goodbye to wayne rogers. they were right to go for it on so forth down. that is my sports commentary. that has been all over the place. he was playing the odds. coaches should go for more on for around, but they don't. anyway, they...
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May 10, 2013
05/13
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followed by detroit. in that los angeles, riverside california at number seven. just behind, san diego and number six. you have sacramento at number five, san francisco and san jose ranked fourth and third. last vegas number two. that was the drumroll for phoenix arizona. you know what, these areas, have to admit, they sell most. ashley: they did, so they have the most to come back. in fact, no other metropolitan area housing market has grown faster than phoenix. temporary home prices are up 23% since last year according to s&p kaye scholer. more than double the 9% average for the other 20 cities that this survey. our next guest has seen that come back firsthand. three mac's owner and agent. thank you so much for joining us i mean, let's face it. phoenix that absolutely battered in the housing collapse. how ch bte is nro hoseark,ark ds? it is amazing pryod ere r maetsp aost 50erce frowhe we were two years ago and our average price is gone up to $230,000. ashley: who is doing the buying? >> the buying is being done by just about everybody. we still have some inves
followed by detroit. in that los angeles, riverside california at number seven. just behind, san diego and number six. you have sacramento at number five, san francisco and san jose ranked fourth and third. last vegas number two. that was the drumroll for phoenix arizona. you know what, these areas, have to admit, they sell most. ashley: they did, so they have the most to come back. in fact, no other metropolitan area housing market has grown faster than phoenix. temporary home prices are up...
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a detroit hospital is trying out a new hospital gown that closing that infamous gaping hole in the back of the gown that plagued partes for decades. you, you can picture it. instead of the ole-fashioned ties, the new gown has snaps in the front and back to close. why didn't we think of this decades ago? the new gown was designed by the henry ford innovation institute, and here's hoping it will be a big hit. if it was not bad enough you wear the damn thing -- tracy: did we neat the foundation involved in this? come on. you can find four italians from my hometown to sew them for you. limited brands weighs in on what jcpenney should do next. liz claman has the last hour of trading with "countdown to the closing bell," next. don't go anywhere. ♪ thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're no
a detroit hospital is trying out a new hospital gown that closing that infamous gaping hole in the back of the gown that plagued partes for decades. you, you can picture it. instead of the ole-fashioned ties, the new gown has snaps in the front and back to close. why didn't we think of this decades ago? the new gown was designed by the henry ford innovation institute, and here's hoping it will be a big hit. if it was not bad enough you wear the damn thing -- tracy: did we neat the foundation...
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Jul 26, 2013
07/13
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detroit may have declared bankruptcy but it is moving ahead to spend 440 million taxpayer dollars on a new hockey arena. is this reckless spending or could it prove a economic boon for the city? that is latest from the fox business network, giving you the power to prosper. lori: the u.s. government record he hadly demanding that major internet companies divulge user stored pass woods. let's get to the above this one. liz macdonald, this could represent a escalation of government search techniques that has not been previously disclosed. >> >> this is c net report and thin on details but it goes above and beyond what nsa leaker edward snowden talking about prism program. the companies involved here are strenuously denying that they are giving overpass woods. that would wreck their business. companies like google, facebook, microsoft and possibly yahoo! as well. the fbi is declining comment this is sure to raise eyebrows in washington, d.c. at a time growing number of senators are saying hey, wait a second what is going on with all this surveillance? democratic senator ron wyden from or
detroit may have declared bankruptcy but it is moving ahead to spend 440 million taxpayer dollars on a new hockey arena. is this reckless spending or could it prove a economic boon for the city? that is latest from the fox business network, giving you the power to prosper. lori: the u.s. government record he hadly demanding that major internet companies divulge user stored pass woods. let's get to the above this one. liz macdonald, this could represent a escalation of government search...